KBZ bank reoperates ATMs in four cities, including Yangon

The Kanbawza Bank announced on 9 June that cash can be withdrawn at 47 KBZ ATMs in four cities, including Yangon. In Yangon, a maximum amount of K300,000 per week can be extracted from the ATMs located at the Kamayut Branch-1-2U, Sule Pagoda Road Branch, Kyaukmyaung Market M-1, 9th-Mile (U3), KTL-M-2, MICT Park Branch (U2), U Wisara Road, Junction City Branch, Sakura Residence, City Mart 6th-Mile, Ocean 9th-Mile, Ocean East Point, Yankin Centre and Super One Kyaikkasan and Hledan Centre. In addition, customers can also withdraw cash from their MPU Debit (ATM card), or by the mBanking Cardless Withdrawal at designated KBZ ATMs in Mandalay, Nay Pyi Taw and Taunggyi. The announcement also said that the list of the expanded ATMs which can issue cash will be announced in a timely manner. Currently, 15 places in Yangon, ten places in Mandalay, 13 places in Nay Pyi Taw and nine places in Taunggyi are set to withdraw cash from ATMs.

Source: The Global New Light of Myanmar

image_6483441 (4)

Companies registered on MyCO exceed 5,300 in past five months: DICA

The number of companies registered on the online registry system, MyCO, totalled 5,323 in the past five months (January-May) this year, the statistics released by the Directorate of Investment and Company Administration (DICA) indicated. The registration and re-registration of companies on the MyCO website commenced on 1 August 2018 keeping in line with the Myanmar Companies Law 2017.

The figures of registered companies stood at 8,011 in 2021, 15,080 in 2020, 17,380 in 2019 and 8,506 in 2018, as per statistics of the DICA. In addition, all registered companies need to file annual returns (AR) on the MyCO registry system within two months of incorporation, and at least once every year (not later than one month after the anniversary of the incorporation) under Section 97 of the Myanmar Companies Law 2017.

Under Section 266 (A) of the Myanmar Companies Law 2017, public companies must submit annual returns and financial statements (G-5) simultaneously. All overseas corporations must submit ARs in the prescribed format on MyCO within 28 days of the financial year ending under Section 53 (A-1) of the Myanmar Companies Law 2017. As per DICA’s report, thousands of companies have been suspended so far for failing to submit AR forms within the due date.

Newly established companies are required to submit ARs within two months of incorporation or face a fine of K100,000 for filing late returns. The DICA has notified that any company which fails to submit its AR within 13 months will be notified of its suspension (I-9A). If it fails to submit the AR within 28 days of receiving the notice, the system will show the company’s status as suspended. Companies can restore their status only after shelling out a fine of K50,000 for the AR fee, K100,000 for restoration of the company on the Register, and K100,000 for late filing of documents. If a company fails to restore its status within six months of suspension, the registrar will strike its name off the register, according to the DICA notice. 

Source: The Global New Light of Myanmar